When your teen has money to spend, whether it’s cash from a birthday gift or money from a part-time job, they may be tempted to make an impulse purchase. But will they regret it later when they don’t have money for something they actually need? Teaching them to spend wisely is a lifelong lesson.
Buyer’s remorse can be a valuable lesson for teens so they can learn to think through spending decisions. However, parents can help them become savvier consumers by discussing the difference between wants and needs.
Wants vs Needs
A need is a necessity of daily living such as clothing, shelter, and food. A want is more of a nice-to-have such as a music collection or a vacation. Wants can make our lives easier or better, but we could still survive without them.